Exploring and producing the oil and natural gas that powers our everyday lives. For more than 80 years, we’ve been driven to safely and responsibly deliver our purpose: Energizing the World, Bettering People’s Lives.

Our proven ability to execute safely, responsibly and efficiently underpins our financial strength. Explore our diverse assets, meet
our people and see how they are setting new standards of operational excellence and being a positive force in our communities.

“We cannot energize the world and better people’s lives without every single member of our team – in every office, on every platform and rig, from every continent – constantly learning
and growing into leaders.”

Noble Energy Announces Fourth Quarter And Year-End 2016 Results

Press Release

Continued outperformance delivered quarterly sales volumes of 410 MBoe/d, at the top end of the guidance range. Oil volumes of 131 MBbl/d were above expectations, driven by the DJ Basin and Gulf of Mexico.

U.S. Onshore well results from enhanced completions continued to perform in line with or above expectations. Wolfcamp A wells in the Delaware Basin that tested 3,000 to 5,000 pounds of proppant per lateral foot
averaged an IP-30 rate of 1,140 Boe/d (268 Boe/d per 1,000 lateral feet), consistent with expectations from early production.

DJ Basin wells using enhanced completions in Wells Ranch that reached peak production within the fourth quarter are outperforming the type curve by more than 50 percent on average after 120 days on production.

Closed the sale of 3.5 percent working interest in Tamar at a value of $431 million, generating cash proceeds of $316 million after-tax.

Reduced outstanding debt by $850 million and exited the fourth quarter of 2016 with $5.2 billion in liquidity, including cash on hand and an undrawn credit facility.

Realized organic reserves replacement of over 1.9 times 2016 production,
including extensions, discoveries and performance revisions, at a cost of $4.86 per barrel of oil equivalent.

HOUSTON, Feb. 13, 2017 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE:NBL) ("Noble Energy" or "the Company") announced today results for the fourth quarter of 2016, including a reported net loss attributable to Noble Energy of $252 million, or $0.59 per diluted share. The adjusted income(1) attributable to Noble Energy for the quarter was $113 million, or $0.26 per diluted share, which excludes the impact of certain
items typically not considered by analysts in formulating estimates. Adjusted EBITDAX(1) was $706 million.

Total Company sales volumes for the fourth quarter of 2016 were 410 thousand barrels of oil equivalent per day (MBoe/d). Liquids comprised 46 percent (32 percent crude oil and condensate and 14 percent natural gas liquids) of fourth quarter 2016 volumes, with natural gas the remaining 54 percent. Total Company oil volumes were above expectations at 131 thousand barrels of oil per day (MBbl/d), with the outperformance driven by the DJ Basin and Gulf of Mexico. U.S. sales volumes for the quarter totaled 287 MBoe/d, while International sales volumes were 123 MBoe/d. Total sales volumes were higher than produced volumes by 4 MBbl/d due to the timing of liquids liftings in Equatorial Guinea.

David L. Stover, Noble Energy's Chairman, President and
CEO, commented, "2016 was an impactful year for Noble Energy, highlighted by strong operational and financial performance and importantly, strategic portfolio accomplishments that generate substantial long-term value. The fourth quarter was no exception, with the dissolution of our Marcellus joint venture and the announcement of a bolt-on acreage addition in the Delaware Basin. Fourth quarter volumes were at the high end of expectations while production expenses were below. In total, we outperformed our original 2016 plans by 10 million barrels of oil equivalent, with significantly less capital. We are positioned for a tremendous year in 2017 as we accelerate U.S. onshore activity and move forward with the development of Leviathan."

Full Year
2016 Highlights:

Achieved record full year sales volumes of 420 MBoe/d, up 18 percent from 2015 reported volumes. U.S. onshore volumes were up 22 percent and offshore was higher by 12 percent.

Organic capital expenditures of $1.3 billion were below guidance.

Received more than $1.5 billion in proceeds from asset divestitures, including proceeds from Noble Midstream Partners LP's initial public offering.

Reported a net loss attributable to Noble Energy of $998 million, or $2.32 per diluted share. The adjusted loss(1) attributable to Noble Energy was $248 million, or $0.58 per diluted share. Adjusted EBITDAX(1) was $2.5 billion.

Fourth quarter lease operating expenses (LOE) were significantly lower than expectation at $3.44 per barrel of oil equivalent (BOE), a reduction of 9 percent compared to the fourth quarter of 2015. This was led by lower unit LOE costs within the Gulf of Mexico and DJ Basin. Transportation and gathering expenses totaled $3.41 per BOE, reflecting higher oil volumes transported through pipelines in the DJ Basin, which also contributed to a lower oil differential in the quarter. Depreciation, depletion and amortization expenses for the quarter were $15.78 per BOE, down as a result of significant reserve additions in U.S. onshore areas. General and
Administrative costs for the quarter were $106 million. Production taxes in the fourth quarter of 2016 were below expectations due to an adjustment to accruals for ad valorem and severance taxes.

The tax provision for the fourth quarter includes a large deferred tax benefit as a result of certain non-cash impairments and lower future corporate tax rate in Israel, and a true-up for full year tax rate.

Fourth quarter adjustments to net loss attributable to Noble Energy included an accounting gain from the divestiture of a 3.5 percent working interest in the producing Tamar asset in Israel. The Company also recorded non-cash impairments of $484 million, which were primarily related to certain West Africa exploration costs recorded to dry hole expenses. In addition, approximately $92 million was impaired primarily for alternative development concept costs for Leviathan which are no longer part of the Company's plan. The Company also had unrealized commodity derivative losses of $201 million, resulting from the value change of existing crude oil and natural gas hedge positions.

Drilled 33 wells at an average lateral length of over 5,600 feet, with nearly all of the wells drilled in the fourth quarter located in East Pony.

Commenced production on 16 wells, with an average lateral length of over 8,400 feet. Five of the wells were located in Wells Ranch and 11 were in East Pony. Each well utilized slickwater completion fluid, and the average proppant concentration was over 2,000 pounds per lateral foot.

Nineteen additional wells within Wells Ranch, all of which commenced production in the third quarter of 2016, reached peak production. The wells, with an average lateral length of 6,500 feet, utilized an average proppant concentration over 1,800 pounds per foot, and
delivered an actual IP-90 of 750 Boe/d (60 percent oil). When normalized to a 9,500' lateral length, the wells are performing more than 50 percent above the Wells Ranch one million barrel of oil equivalent (MMBoe) type curve.

The Company exited 2016 with two operated rigs and 41 wells drilled but uncompleted.

Drilled four wells within the quarter, with an average lateral length of
approximately 7,200 feet. Average drilling time was two days shorter while the average lateral length was over 30 percent longer than wells drilled in the first three quarters of 2016.

Commenced production on five wells in the fourth quarter. The wells had an average lateral length of 4,860 feet. Three wells were completed with 3,000 pounds per lateral foot, one well with 4,200 pounds per lateral foot and one well with 5,000 pounds per lateral foot. Four of the wells were landed in the Wolfcamp A zone, and had an average IP-30 rate of 1,140 Boe/d, or 268 Boe/d per thousand lateral feet. On average and when normalized to 7,500 lateral feet, the wells are performing in line with the 1.2 MMBoe type curve and consistent with Company expectations after early production. The Company's first Wolfcamp B well was completed with 3,000 pounds of proppant per lateral foot and achieved
an IP-30 rate of 1,003 Boe/d, or 140 Boe/d per thousand lateral feet. The well is performing consistent with expectations and the 1.1 MMBoe type curve, when normalized for lateral length.

The Company acquired 7,200 acres in and around its existing Southern Delaware acreage position. The bolt-on acquisitions included 2,400 Boe/d production, 150 incremental gross well locations, and also increased the working interest and lateral lengths for 325 existing well locations. The transaction closed in early January 2017.

The Company added two rigs in the quarter, exiting the year with three operated rigs. There were 12 wells drilled but uncompleted at the end of 2016.

EAGLE FORDSales volumes averaged 46 MBoe/d during the fourth quarter.
Liquids represented 59 percent of the total (crude oil and condensate represented 19 percent and NGLs were 40 percent), while natural gas accounted for 41 percent. Production during the quarter was impacted by an in-field gathering pipeline mechanical issue leading to approximately 3 MBoe/d of curtailments on average during the quarter.

Highlights include:

Drilled fourteen wells to total depth within the quarter. Eight of the wells were located in Gates Ranch with an average lateral length of 6,400 feet, all in the Lower Eagle Ford. The remaining six wells were located in the L&E area, with an average lateral length of 6,250 feet. Half of these wells were landed in the Lower Eagle Ford and half were in the Upper Eagle Ford.

Commenced production on six Lower Eagle Ford wells
within the quarter, all located in the Company's Briscoe Ranch area, with an average of 2,000 pounds of proppant per lateral foot. Lateral spacing between the wells was 400 feet, and the average lateral length was 4,820 feet. On average, the wells achieved an IP-30 rate of 299 Boe/d per thousand lateral feet, in line with the Company's expectations given the lateral spacing. Approximately one-third of the production from the wells is oil.

Late in the fourth quarter, the Company brought on production its initial operated Upper Eagle Ford well, using 1,920 pounds of proppant per lateral foot. The well was 4,540 lateral feet and achieved an IP-30 rate of 228 Boe/d per thousand lateral feet. The Company is encouraged by these early results.

There were two operated rigs and 30 wells drilled but uncompleted at the end of 2016.

MARCELLUS SHALESales volumes in the Marcellus Shale averaged 500 million cubic feet of natural gas equivalent per day (MMcfe/d) in the fourth quarter of 2016. Natural gas represented 89 percent of the volumes sold, with the majority of the remainder composed of NGLs.

Highlights include:

Closed the separation of the Joint Venture with CONSOL Energy Inc. on December 1, 2016. Post closure, Noble Energy maintains 100 percent working interest in approximately 363,000 net acres in the Marcellus.

CONE Gathering LLC contributed its remaining 25 percent ownership interest in CONE Midstream DevCo I LP to CONE Midstream Partners LP. Through this transaction, Noble Energy received $70 million in cash and approximately 2.6 million common units of CONE Midstream Partners LP.

GULF OF MEXICOIn the Gulf of Mexico, sales volumes averaged 33 MBoe/d, a 46 percent increase versus the same quarter of last year. Sales volumes for the quarter benefitted from oil royalty relief booked for the Big Bend field which added 3 MBbl/d on average. Crude oil and condensate represented 85 percent of fourth quarter 2016 volumes, while two percent was NGLs and 13 percent was natural gas.

Highlights include:

Gunflint produced an average of 8 MBoe/d net within the fourth quarter. The Big Bend and Dantzler fields
produced a combined average of 16 MBoe/d net.

Completed a safe and efficient transition to begin operatorship at the Thunder Hawk facility.

WEST AFRICASales volumes in West Africa averaged 77 MBoe/d, which was 38 percent crude oil and condensate, eight percent NGLs, and 54 percent natural gas. Sales volumes for the quarter exceeded production volumes by approximately 4 MBbl/d as a result of the timing of liquids lifting from the Alen and Alba fields.

Highlights include:

Gas volumes at Alba remain at plateau since the start-up of the B3 compression platform in July of 2016.

Alen and Aseng surpassed 30 million barrels of crude oil and condensate (MMBbls) and
80 MMBbls of gross cumulative production, respectively. Both Alen and Aseng have also reached over 900 days without a lost time incident.

EASTERN MEDITERRANEANIsrael sales volumes averaged 274 MMcfe/d, an increase of approximately 10 percent versus the fourth quarter of last year and a record fourth quarter for the Company, driven by strong demand from industrial customers and displacement of coal to natural gas in Israel's power generation sector.

Highlights include:

Closed the previously announced sale of Tamar working interest in December 2016. The buyer elected to execute an option to purchase an additional half of a percent, resulting in a total of 3.5 percent working interest sold. The transaction value of
$431 million resulted in net cash proceeds of $316 million after-tax.

Within the quarter, an additional 50 MMcf/d volumes were contracted for Leviathan gas sales, bringing the total gross volumes under contract to up to 525 MMcf/d and gross contract revenues estimated to over $15 billion.

EXPLORATIONIn the fourth quarter, the company added a non-operated working interest in four exploration parcels offshore Newfoundland, Canada. The net position totals nearly 700,000 acres in the Labrador Sea. The Company expects to focus on seismic acquisition and evaluation over the next three to five years.

PROVED RESERVESEstimated reserves at year-end 2016 were 1.4 billion barrels of
oil equivalent, up one percent from 2015 year-end. The Company had total organic reserves additions, including extensions, discoveries and performance revisions, of 296 MMBoe. Compared to 2016 production of 154 MMBoe during the year, the Company's organic reserves replacement was over 190 percent. Organic reserve replacement costs, including additions and performance revisions, were $4.86 per barrel of oil equivalent. Reserves in the U.S., including Gulf of Mexico, were 68 percent of the Company's total, with assets in Equatorial Guinea and Israel making up the remaining 32 percent. The composition of reserves at the end of 2016 is 38 percent liquids, 29 percent international natural gas
and 33 percent U.S. natural gas.

U.S. onshore reserve replacement, excluding acquisition and commodity price revisions, was 2.8 times production, reflecting improved well performance in all business units and increased activity. The Company executed several asset sales in 2016, including the divestment of working interest in Tamar, the separation of the JV in the Marcellus and the Greeley Crescent acreage sale in the DJ Basin. The net of these activities resulted in a reduction of 73 MMBoe of proved reserves.

The Company transferred 35 percent of proved undeveloped reserves to proved developed producing reserves in 2016. Proved developed reserves represent approximately 66 percent of total proved reserves at the end
of the year.

(1) A Non-GAAP measure, see attached Reconciliation Schedules

WEBCAST AND CONFERENCE CALL INFORMATION

Noble Energy, Inc. will host a live audio webcast at 8:00 a.m. Central time tomorrow, February 14, 2017. The webcast link is accessible on the ‘Investors' page at www.nobleenergyinc.com. A replay will be available on the website. Conference call numbers for participation during the question and answer session are:

Toll free Dial in: 888-599-4875

Int'l Toll call:
913-312-1451

Conference ID: 9151353

Noble Energy(NYSE:NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents. Founded more than 80 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People's Lives®. For more information, visit www.nobleenergyinc.com.

This news release
contains certain "forward-looking statements" within the meaning of federal securities law. Words such as "anticipates", "believes", "expects", "intends", "will", "should", "may", "estimates", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. They may include estimates of oil and natural gas reserves, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission ("SEC"). These reports are also available from Noble Energy's offices or website, http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances, management's estimates, or opinions change.

This news release also contains certain non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy's overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the
crude oil and natural gas industry. Please see the attached schedules for reconciliations of the differences between any historical non-GAAP measures used in this news release and the most directly comparable GAAP financial measures.

The Securities and Exchange Commission requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed the Company's probable and possible reserves in our filings with the SEC. We use certain terms in this news release, such as "type curve" or "MMBoe type curve", which are by their
nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent annual report on Form 10-K and in other reports on file with the SEC, available from Noble Energy's offices or website, http://www.nobleenergyinc.com.

Schedule 1

Noble Energy, Inc.

Summary Statement of Operations

(in millions, except per share amounts, unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2016

2015

2016

2015

Revenues

Crude Oil and Condensate

$

564

$

488

$

1,854

$

1,840

Natural Gas

323

272

1,239

1,056

Natural Gas Liquids (1)

92

70

296

197

Income from Equity Method Investees

31

30

102

90

Total Revenues

1,010

860

3,491

3,183

Operating Expenses

Lease Operating Expense

130

146

542

563

Production and Ad Valorem Taxes

5

38

78

127

Transportation and Gathering Expense (1)

129

82

463

289

Marketing and Processing Expense, Net

17

5

75

30

Exploration Expense

549

180

925

488

Depreciation,
Depletion and Amortization

595

686

2,454

2,131

General and Administrative

106

89

399

396

Gain on Divestitures

(261

)

—

(238

)

—

Asset Impairments

92

490

92

533

Goodwill Impairment

—

779

—

779

Other Operating Expense (Income), Net

11

77

(3

)

319

Total Operating Expenses

1,373

2,572

4,787

5,655

Operating Loss

(363

)

(1,712

)

(1,296

)

(2,472

)

Other Expense (Income)

Loss (Gain) on Commodity Derivative Instruments

87

(170

)

139

(501

)

Interest, Net of Amount
Capitalized

86

80

328

263

Other Non-Operating Expense (Income), Net

5

5

9

(15

)

Total
Other Expense (Income)

178

(85

)

476

(253

)

Loss Before Income Taxes

(541

)

(1,627

)

(1,772

)

(2,219

)

Income Tax (Benefit) Provision

(301

)

401

(787

)

222

Net Loss Including Noncontrolling Interests

$

(240

)

$

(2,028

)

$

(985

)

$

(2,441

)

Less: Net Income Attributable to Noncontrolling Interests (2)

12

—

13

—

Net Loss Attributable to Noble Energy

$

(252

)

$

(2,028

)

$

(998

)

$

(2,441

)

Net Loss Attributable to Noble Energy Per Share of Common Stock

Loss Per Share, Basic

$

(0.59

)

$

(4.73

)

$

(2.32

)

$

(6.07

)

Loss Per Share, Diluted

$

(0.59

)

$

(4.73

)

$

(2.32

)

$

(6.07

)

Weighted Average Number of Shares Outstanding

Basic

430

429

430

402

Diluted

430

429

430

402

(1) Certain of our revenue received from purchasers was historically presented with deductions for transportation, gathering, fractionation or processing costs. Beginning in 2016, we have changed our presentation to no longer include these expenses as deductions from revenue. These costs are now included within transportation and gathering expense and prior year amounts have been reclassified to conform to the current presentation.

(2) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for
financial reporting purposes. The public's ownership of approximately 45% in NBLX is reflected as a noncontrolling interest in the financial statements.

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2017.

On July 20, 2015, we completed the merger with Rosetta Resources Inc. (Rosetta or Rosetta Merger) and the results of operations attributable to Rosetta are included in our consolidated statement of operations beginning on July 21, 2015. The
results of these operations attributable to Rosetta will affect the comparability of our financial results to prior periods.

Schedule 2

Noble Energy, Inc.

Condensed Balance Sheets

(in millions, unaudited)

December 31, 2016

December 31, 2015

ASSETS

Current Assets

Cash and Cash Equivalents

$

1,180

$

1,028

Accounts Receivable, Net

615

450

Commodity Derivative Assets

—

582

Other Current Assets

160

216

Total Current Assets

1,955

2,276

Net Property, Plant and Equipment

18,548

21,300

Other Noncurrent Assets

508

620

Total Assets

$

21,011

$

24,196

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Accounts Payable - Trade

$

736

$

1,128

Other Current Liabilities

742

677

Total Current Liabilities

1,478

1,805

Long-Term Debt

7,011

7,976

Deferred Income Taxes

1,819

2,826

Other Noncurrent Liabilities

1,103

1,219

Total Liabilities

11,411

13,826

Total Shareholders' Equity

9,288

10,370

Noncontrolling Interests (1)

312

—

Total Equity

9,600

10,370

Total Liabilities and Equity

$

21,011

$

24,196

(1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership of approximately 45% in NBLX is reflected as a noncontrolling interest in the financial statements.

These financial
statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2017.

Proceeds from Issuance of Noble Energy Common Stock, Net of Offering Costs

—

—

—

1,112

Proceeds from Issuance of Noble Midstream Partners Common Units, Net of Offering Costs

—

—

299

—

Repayment of Noble Revolving Credit Facility

—

—

—

(70

)

Proceeds from Term Loan Facility

—

—

1,400

—

Repayment of Term Loan Facility

(850

)

—

(850

)

—

Repayment of Senior Notes

—

—

(1,383

)

(12

)

Other

2

(21

)

(62

)

(85

)

Net Cash (Used In) Provided by Financing Activities

(891

)

(98

)

(768

)

654

(Decrease) Increase in Cash and Cash Equivalents

(639

)

—

152

(155

)

Cash and Cash Equivalents at Beginning of Period

1,819

1,028

1,028

1,183

Cash and Cash Equivalents at End of Period

$

1,180

$

1,028

$

1,180

$

1,028

(1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. For the three and twelve months ended December 31, 2016, Net Loss includes Net Income Attributable to Noncontrolling Interests in NBLX.

(2) Amounts include exploration impairments.

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2017.

On July 20, 2015, we completed the merger with Rosetta and the associated cash flows are included in our operations beginning on July 21, 2015. The results of these cash flows attributable to Rosetta will affect the comparability of our results to prior periods.

Schedule 4

Noble Energy, Inc.

Volume and Price Statistics

(unaudited)

Three
Months Ended December 31,

Twelve Months Ended December 31,

Sales Volumes

2016

2015

2016

2015

Crude Oil and Condensate (MBbl/d)

United States

102

100

99

81

Equatorial Guinea

27

37

26

31

Total consolidated operations

129

137

125

112

Equity method investee - Equatorial Guinea

2

1

2

2

Total

131

138

127

114

Natural Gas Liquids (MBbl/d)

United States

50

53

54

39

Equity method investee - Equatorial Guinea

6

6

5

5

Total

56

59

59

44

Natural Gas (MMcf/d)

United States

816

859

881

708

Israel

272

247

281

252

Equatorial Guinea

250

243

235

227

Total

1,338

1,349

1,397

1,187

Total Sales Volumes (MBoe/d)

United States

287

295

301

237

Israel

46

42

47

42

Equatorial Guinea

69

78

65

69

Total consolidated operations

402

415

413

348

Equity method investee - Equatorial Guinea

8

7

7

7

Total sales volumes (MBoe/d)

410

422

420

355

Total sales volumes (MBoe)

37,726

38,821

153,540

129,625

Price Statistics - Realized Prices

Crude Oil and Condensate ($/Bbl)(1)

United States

$

46.37

$

37.82

$

39.59

$

43.46

Equatorial Guinea

51.39

41.18

43.54

48.85

Total

$

47.41

$

38.75

$

40.39

$

45.00

Natural Gas Liquids ($/Bbl)(1)

United States

$

20.04

$

11.55

$

14.92

$

13.91

Natural Gas
($/Mcf)(1)

United States

$

2.47

$

1.88

$

2.11

$

2.10

Israel

5.27

5.17

5.21

5.34

Equatorial Guinea

0.27

0.27

0.27

0.27

Total

$

2.63

$

2.19

$

2.42

$

2.44

(1) Average realized prices do not include gains or losses on commodity derivative instruments.

On July 20, 2015, we completed the merger with Rosetta and the associated volumes and price statistics are included in our operations beginning on July 21, 2015. The results of these volumes and prices attributable to Rosetta will affect the comparability of our results to prior periods.

Schedule 5

Noble Energy, Inc.

Reconciliation of Net Loss Attributable to Noble Energy (GAAP) to

Adjusted Income (Loss) Attributable to Noble Energy
(Non-GAAP)

(in millions, except per share amounts, unaudited)

Adjusted income (loss) attributable to Noble Energy (Non-GAAP) should not be considered an alternative to, or more meaningful than, net loss attributable to Noble Energy (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that adjusted income (loss) attributable to Noble Energy is beneficial in evaluating our operating and financial performance because it eliminates
the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe this Non-GAAP measure is used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, adjusted income (loss) attributable to Noble Energy may be useful for comparison of earnings to forecasts prepared by analysts and other third parties. However, our presentation of adjusted income (loss) attributable to Noble Energy may not be comparable to similar measures of other companies in our industry.

NOTE: On July 20, 2015,
we completed the merger with Rosetta and the results of operations attributable to Rosetta are included in our consolidated statement of operations beginning on July 21, 2015. The results of these operations attributable to Rosetta will affect the comparability of our financial results to prior periods.

[1] Amount for 2016 primarily relates to certain West Africa exploration impairments, the license from our 2011 Dolphin discovery in Eastern Mediterranean, and the write-off of several leases in deepwater Gulf of Mexico and offshore Falkland Islands of $56 million and
$25 million, respectively. Amount for 2015 relates to the write-off of Nevada charges.

[2] Amount relates primarily to the gain associated with the divestiture of 3.5% working interest in Tamar.

[3] Amount for 2016 primarily relates to the write-off of alternative development design costs that are not part of the Company's development plan for Leviathan. Amount for 2015 relates to Equatorial Guinea, Gulf of Mexico and Eastern
Mediterranean properties.

[4] Amount relates to the early tendering of senior notes assumed in the Rosetta Merger.

[6] Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, including the impact of timing and magnitude of divestiture activities (such as the recognition of a gain on our 3.5% Tamar divestiture in Eastern Mediterranean) and the change in the indefinite reinvestment assertion related to accumulated undistributed earnings of foreign subsidiaries.

Adjusted Earnings Before Interest Expense, Income Taxes, Depreciation, Depletion and Amortization, and Exploration
Expenses (Adjusted EBITDAX) (Non-GAAP) should not be considered an alternative to, or more meaningful than, net loss attributable to Noble Energy (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that Adjusted EBITDAX is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe these Non-GAAP measures are used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure. Adjusted EBITDAX may be useful for comparison of earnings to forecasts prepared by analysts and other third parties. However, our presentation of
Adjusted EBITDAX may not be comparable to similar measures of other companies in our industry.

NOTE: On July 20, 2015, we completed the merger with Rosetta and the results of operations attributable to Rosetta are included in our consolidated income statement of operations beginning on July 21, 2015. The results of these operations attributable to Rosetta will
affect the comparability of our financial results to prior periods.

[2] Includes ARO costs of $18 million for United States and includes capital expenditures from our publicly traded subsidiary, Noble Midstream Partners LP, of $50 million for full year 2016.

[3] Netherland, Sewell & Associates, Inc. performed a reserves audit for 2016 and concluded that the Company's estimates of proved reserves were, in the aggregate, reasonable and have been prepared in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers.